All civil servants in the Chinese city of Changshu will receive their full salaries in digital RMB or digital yuan starting from May 2023, according to a notice issued by local authorities. This includes public service personnel, public institution personnel, and personnel of state-owned units at all levels in the city. Employees will be able to opt for digital yuan settlements through self-service terminals. The move comes as part of China's push for CBDC adoption, with Jiangsu Province, where Changshu is located, initiating a pilot program for digital RMB earlier this year. However, the adoption of CBDC in Hong Kong has been slow, with only 625 residents signing up for the digital yuan hard wallet launch despite a 20% discount on purchases from local vendors.

(By ARIJIT SARKAR)

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